Ancom Technology's IPO on the Shenzhen Stock Exchange Main Board has been questioned, with the gross profit margin of its main business declining for three consecutive years.

On July 2nd, Anwen Technology Group Co., Ltd. (referred to as Anwen Technology) applied for a change in the status of its listing review on the Shenzhen Stock Exchange main board to "under inquiry", with GF SEC as its sponsor institution, intending to raise 20.0521 billion yuan. The prospectus shows that Anwen Technology's main business is the research, production, and sales of comfort and safety systems for car cabins, with three core product series including thermal comfort, posture comfort, and sensor detection. The company has the ability for solution design and production, and has become one of the leading suppliers in the global automotive cabin comfort and safety field. In 2024, the company's revenue in the automotive seat comfort sector accounted for 24.11% of the domestic market size and 8.50% of the global market size, ranking first in the domestic market and fourth globally. Against the backdrop of the rapid development of new energy vehicles and domestically produced independent brand vehicles, the company has developed cooperative relationships with well-known domestic and foreign automobile manufacturers and Tier 1 component suppliers, accumulating a batch of high-quality and stable customer resources. Direct customers include globally renowned automotive seat manufacturers such as Faurecia, Johnson Controls, Lear, Magna, Adient, Yanfeng, Nobo, and global steering wheel manufacturers such as ZF, Autoliv, and Ningbo Joyson Electronic Corp. For procurement, the company mainly adopts a "production-based procurement" model; for production, the company is customer-oriented, adopting a "production-based on sales, reasonable inventory" production model; for sales, the company adopts a direct sales model, with downstream direct customers mainly being globally renowned automotive seat and steering wheel manufacturers. The prospectus warns that during the reporting period, the company's gross profit margin was 40.61%, 35.91%, and 27.50% respectively, with a decrease in gross profit margin. If adverse factors occur in the future, the company will face the risk of a decrease in gross profit margin. Financially, in the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 23.07 billion yuan, 33.30 billion yuan, and 41.77 billion yuan respectively; during the same period, net profits were approximately 3.68 billion yuan, 6.91 billion yuan, and 4.95 billion yuan respectively.